capital-controls
Government-imposed restrictions on withdrawals and transfers designed to prevent bank runs but potentially causing prolonged economic stagnation.
1 chapter across 1 book
The Mandibles: A Family, 2029–2047 (2016)Lionel Shriver
The chapter details a severe financial crisis in 2029 marked by the halting of stock trading and the imposition of capital controls, exposing the fragility and long-term devaluation of the US dollar. Douglas Mandible explains the emergence of the bancor, a new international currency backed by real assets and controlled by a consortium excluding the US, signaling a multipolar shift in global finance. The crisis culminates in a presidential address announcing emergency measures including gold nationalization, criminalization of foreign currency holdings, and a universal debt reset to preserve national sovereignty.